{"id":49851,"date":"2025-01-14T18:49:46","date_gmt":"2025-01-14T23:49:46","guid":{"rendered":"https:\/\/bnonews.com\/?p=49851"},"modified":"2025-01-14T18:49:46","modified_gmt":"2025-01-14T23:49:46","slug":"sec-sues-elon-musk-over-alleged-securities-violations-in-twitter-acquisition","status":"publish","type":"post","link":"https:\/\/bnonews.com\/index.php\/2025\/01\/sec-sues-elon-musk-over-alleged-securities-violations-in-twitter-acquisition\/","title":{"rendered":"SEC sues Elon Musk over alleged securities violations in Twitter acquisition"},"content":{"rendered":"\n<p>The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk in a federal court in Washington, D.C., alleging securities violations tied to his 2022 acquisition of Twitter, according to Bloomberg.<\/p>\n\n\n\n<p>The lawsuit alleges that Musk failed to disclose his ownership in Twitter after his stake exceeded 5%, a requirement under financial disclosure rules, CNBC <a href=\"https:\/\/www.cnbc.com\/2025\/01\/14\/sec-sues-musk-alleges-failure-to-properly-disclose-twitter-ownership.html\">reported<\/a>. The SEC claims this non-disclosure allowed Musk to purchase Twitter shares at &#8220;artificially low prices,&#8221; saving him at least $150 million.<\/p>\n\n\n\n<p>The SEC had been investigating whether Musk or his associates committed securities fraud in 2022, with a focus on Musk\u2019s sale of Tesla shares and his accumulation of Twitter stock prior to the leveraged buyout of the platform.<\/p>\n\n\n\n<p>In response to the lawsuit, Musk\u2019s attorney, Alex Spiro, strongly denied the allegations, calling the SEC\u2019s case a &#8220;sham.&#8221; Spiro <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-14\/sec-sues-elon-musk-over-securities-violation-in-federal-court?srnd=homepage-americas&amp;leadSource=uverify%20wall&amp;embedded-checkout=true\">stated<\/a>, \u201cAs the SEC retreats and leaves office, the SEC\u2019s multi-year campaign of harassment against Mr. Musk culminated in the filing of a single-count ticky-tack complaint against Mr. Musk under Section 13(d) for an alleged administrative failure to file a single form\u2014an offense that, even if proven, carries a nominal penalty.\u201d<\/p>\n\n\n\n<p>Last month, Musk stated in a post on X (rebranded from Twitter) that the SEC issued a \u201csettlement demand,\u201d pressuring him to agree to a deal involving a fine within 48 hours or \u201cface charges on numerous counts\u201d related to the share purchase, said CNBC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk in a federal court in Washington, D.C., alleging securities violations tied to his 2022 acquisition of Twitter, according to Bloomberg. The lawsuit alleges that Musk failed to disclose his ownership in Twitter after his stake exceeded 5%, a requirement under financial [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":49852,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,2],"tags":[200,15,2963,2962,198,374,151,2961],"class_list":["post-49851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-usnews","tag-elon-musk","tag-featured","tag-lawsuits","tag-securities-and-exchange-commission-sec","tag-tesla","tag-twitter","tag-united-states","tag-x-twitter"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC sues Elon Musk over alleged securities violations in Twitter acquisition - BNO News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bnonews.com\/index.php\/2025\/01\/sec-sues-elon-musk-over-alleged-securities-violations-in-twitter-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC sues Elon Musk over alleged securities violations in Twitter acquisition - BNO News\" \/>\n<meta property=\"og:description\" content=\"The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk in a federal court in Washington, D.C., alleging securities violations tied to his 2022 acquisition of Twitter, according to Bloomberg. 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